For your protection, we make available optional Term Life and Disability Insurance for loans through CUNA Mutual Insurance Society. The cost may be less than you would pay for similar insurance elsewhere.

You can choose one or both types of coverage for all loans except first mortgages, credit cards, and equity lines of credit and loans with a term of greater than 10 years. 

What is Term Life Insurance for Loans?

Term Life Insurance for Loans generally pays off a loan (up to the insurance contract limit of $30,000) if you die before your BayLands Federal Credit Union loan is repaid. 

What is Disability Insurance for Loans?

If you become disabled due to a covered accident or illness, Disability Insurance for Loans generally makes payments (up to the insurance contract limit) on your loan with BayLands Federal Credit Union. You must work a minimum of 25 hours a week to select this coverage.

The premiums are based on the amount of the loan because the insurance covers the unpaid loan balance. The premium is added onto the loan balance on a monthly basis. As soon as the loan is paid off, the insurance is cancelled or at the age of 70.  

For additional insurance options please refer to our Financial Service Resources page by clicking here.